(2009)
Europacorp v. Consolidated Pictures Group, Inc.
Defendant Consolidated Pictures Group, Inc. was licensed the right to theatrically release and distribute I Love You Phillip Morris in North America, but it has materially breached the parties’ license agreement by failing to pay a single dollar toward the $3 million advance owed to EuropaCorp.
The license agreement explicitly authorizes EuropaCorp to rescind the contract and all of CPG’s rights thereunder in the event of CPG’s failure to timely pay any part of the advance. After giving CPG ample time to cure its breach, EuropaCorp was left with no choice but to rescind and seek an alternative distributor for the Picture.
Judgment: Even though Plaintiff EuropaCorp and Defendant Consolidated Pictures Group, Inc. (“CPG”), have agreed to a Settlement, IT IS HEREBY ORDERED, ADJUDGED, AND DECREED THAT: The Court enters Judgment on the Complaint in favor of EuropaCorp and against CPG.